<p>
  We backtested this strategy over the period beginning in 2010 and ending in 2017. It has a sharpe ratio of 0.72 beating the benchmark's 0.6 over a similar period.
  Although the annual return closely matches that of the paper,?it is largely a coincidence of the strong bull market in recent years.?If we look at the monthly regression results, we could find that in most cases, the p-value is not small enough to reject the null hypothesis that there is no correlation between oil and stocks. So the investment decisions based on the insignificant statistical results are almost meaningless. The performance of this strategy cannot effectively beat the benchmark, mostly?due to?the weakened correlation between oil and stocks.
</p>
<p>
  Further research and backtesting could be conducted on assets other than oil that have a stronger relationship with stocks.
</p>
